Export loss for Holeproof

Press, 1 October 1983, Page 21

Export loss for Holeproof

Failure in an export sales bid to North America contributed to a trading loss for Holeproof Industries, Ltd, the Auckland clothing manufacturer, in the year to June 30. In his annual report, Holeproofs chairman, Mr W. Wilson, said a North American export venture was dropped during the year and all costs involved written off. As reported previously, the group had a trading loss before tax of $144,710 compared with a profit the previous year of $1,640,040. Holeproofs final profit was $50,567, a 96 per cent

drop on last year. Sales totalling $21,982,151 were 4.4 per cent up, but that portion coming from experts fell 58.5 per cent ot $239,721. Mr Wilson pointed to heavy promotional costs on the Le Coq Sportif sports brand which were unmatched by sales as another factor contributing to the disappointing year. Production of that brand had been stopped “pending a review of our position in this very competitive segment of the market.” Domestic sales budgets had been too optimistic and inventories had growth to levels.